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Markets still Becalmed as Inflation Worries Recede; US CPI

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Rates as of 0500 GMT

Market Recap

Another day of limited movement in financial markets. US stocks were even more becalmed than the FX market the SP 500 was down a tiny 0.18 and NASDAQ off a mere 0.09.

GBP was the main mover in the FX world as the first postBrexit meeting of the EUUK Partnership Council didnt go especially well. The Partnership Council is a committee of EU and UK representatives that is supposed to iron out issues related to the EUUK Trade and Cooperation Agreement TCA, the agreement that set the terms for the EUUK relationship after Brexit. Theyre discussing still the Irish Border, which was always the insoluble problem facing Brexit. In quantum mechanics something can be in two places or two states at the same time, but at the macro level it just doesnt work. Certainly, at the country level its not possible for a place to be both in the EU and out of the EU simultaneously.

The problem is that the UK has unilaterally suspended checks on some goods moving from Britain to Northern Ireland. The checks are required under the terms of the Northern Ireland protocol, part of the TCA that ensures a special trading status for the province. Britain wants to extend this grace period but the EU doesnt want them to.

The two sides had what the UK representative called a frank and honest discussion, which is diplomatic terminology for didnt agree on anything. The EU warned that it would respond swiftly, firmly and resolutely, up to and including reimposing…

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